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Reg A and C Reg D CGM Sched Req D Inc Simt Req D Bal Sheet Prepare an income statement for Year 1. ADAMS CONSTRUCTION COMPANY Income Statement for Year 1 0 $ 0 Reg A and C Reg D CGM Sched Req D Inc Stmt Reg Dal Sheet Prepare a balance sheet for Year 1. ADAMS CONSTRUCTION COMPANY Balance Sheet for Year 1 Assets Total assets Equity Total equity $ 0 Adams Construction Company began operations on January 1, Year 1, when it acquired $18,000 cash from the issuance of common stock. During the year, Adams purchased $2,700 of direct raw materials and used $2,500 of the direct materials. There were 118 hou of direct labor worked at an average rate of $7 per hour paid in cash. The predetermined overhead rate was $4.00 per direct labor hour. The company started construction on three prefabricated buildings. The job cost sheets reflected the following allocations of costs to each building. Job 1 Job 2 Job 3 Direct Materials $ 600 1.000 900 Direct Labor Hours 32 54 32 The company paid $52 cash for indirect labor costs. Actual overhead cost paid in cash other than indirect labor was $410. Adams completed Jobs 1 and 2 and sold Job 1 for $1,552 cash. Tho company incurred $160 of selling and administrative expenses that were paid in cash. Over- or underapplied overhead is closed to cost of Goods Sold Required a. Record the preceding events in a horizontal statements model. The first event for Yeart has been recorded as an example c. Record the closing entry for over- or underapplied manufacturing overhead in the horizontal statements model, assuming that the amount is insignificant d. Prepare a schedule of cost of goods manufactured and sold, an income statement, and a balance sheet for Yeart Complete this question by entering your answers in the tabs below. Check my w Req A and C Reg DCGM Sched Reg D Inc Stmt Reg D Bal Sheet Record the preceding events in a horizontal statements model. Record the closing entry for over or underapplied manufacturing overhead in the horizontal su amount is insignificant. The first event for Year 1 has been recorded as an example. Record each cost category for the jobs in total When entering cost data, raw materials, direct labor, and manufacturing overhead respectively into one entry for each job. Enter any decreases to account balances with a mission) Assets Raw Materials Manufacturing Overhead Revenue Cash Work in Process Finished Goods Equity Common Retained Earnings 18.000 Expenses Net Income Stock 18,000